Fitch Ratings is reporting that defaults on fixed-rate conduit U.S. CMBS loans are continuing at a record pace, with cumulative defaults rising to 9.5 percent through June 2010.

According to Fitch, the 133-basis-point climb from the first quarter is consistent with the firm’s expectation of an 11 percent cumulative default rate by the end of the year.

“Not surprisingly,” the firm wrote in a report on Friday, “recent vintages are driving the pace of defaults. … Loans are considered defaulted if they have been reported 60+ days delinquent at least once.”

Fitch managing director Mary MacNeill said in the report that large, highly leveraged loans are adding to the rising rate of defaults, with 14 loans greater than 100 million defaulted in 2010.